Job availability has improved to its highest level in over four decades, the government said Tuesday, a fresh sign that companies are increasingly competing to hire workers amid the labor shortage.
Despite the tight labor market, wages have been barely growing and private consumption, a key component of the economy, remains sluggish, raising the bar for policymakers to achieve a break with chronic deflation.
The ratio of job offers to job seekers came to 1.48 in April from 1.45 in March, the best level since February 1974, when it stood at 1.53, according to the Health, Labor and Welfare Ministry. This means that 148 positions were available for every 100 people looking for work.